by The global Varicose Vein Treatment Devices Market is estimated to be valued at Us$ 1355.75 Mn in 2023 and is expected to exhibit a CAGR Of 6.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The varicose vein treatment devices market includes devices for laser and radiofrequency ablation procedures, venous ligation, and sclerotherapy. Varicose veins are swollen and twisted veins that you can see through your skin. They often appear bluish or dark purple in color. The superficial veins in the legs are most commonly affected. Varicose veins can cause symptoms like fatigue, cramping, heaviness, swelling and pain in the legs. Treatment devices help to eliminate varicose veins through non-invasive or minimally invasive procedures. This helps reduce pain and improves aesthetic appearance. Rising prevalence of varicose veins along with increasing cases obesity and sedentary lifestyles drives the demand for varicose vein treatment devices.
Market key trends:
Some key trends in the varicose vein treatment devices market include increasing adoption of minimally invasive laser ablation procedures. Laser ablation offers advantages over conventional surgery methods such as reduced pain, faster recovery time and lower risk of complications. Technologies advancement is leading to development of next generation laser systems with advanced functionalities. Rise in medical tourism in emerging countries is also boosting the market growth. However, high cost of treatment and lack of reimbursement policies in some regions may restrain the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the varicose vein treatment devices market as it requires high initial investment and technological know-how to manufacture these medical devices. There are also stringent regulatory policies governing this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as there exist a large number of companies offering varicose vein treatment devices. However, switching costs for buyers are low.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of component suppliers in the market.
Threat of new substitutes: There is a low threat from substitutes as varicose vein treatment devices are highly specialized medical devices with no close substitutes.
Competitive rivalry: The competition is high among existing players due to their international presence and wide product offerings.
Key Takeaways
The Global Varicose Vein Treatment Devices Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of varicose veins.
Regional analysis: North America is expected to dominate the global market owing to the increasing healthcare expenditure and awareness regarding varicose vein treatment in the region. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period attributed to large patient population and growing medical tourism in the region.
Key players: Key players operating in the varicose vein treatment devices market are AngioDynamics, Inc., Syneron Medical Ltd., Dornier Medtech GmbH., Alma Lasers Ltd. AngioDynamics, Inc. holds the major market share in global varicose vein treatment devices market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
